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Gold hits 23-month low @ Rs 25,650!

Last updated on: June 28, 2013 17:42 IST

Gold hits 23-month low @ Rs 25,650!

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Gold prices on Friday tumbled to a 23-month low by losing Rs 1,150 to Rs 25,650 per 10 grams in the national capital on heavy selling by stockists and investors, triggered by a steep fall in overseas markets.

All round selling by stockists on free-fall in overseas markets and investors shifting their funds to surging equities mainly pulled down the gold prices to a level last seen on August 9,2011.

Silver also dropped by Rs 1,490 to trade below Rs 40,000 at Rs 39,010 per kg on poor offtake by jewellers and coins makers.

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Image: Gold products on sale are displayed at a shop in Hanoi, Vietnam.
Photographs: Kham/Reuters
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Traders said the sentiment dampened as gold in Singapore plunged to nearly three-year low by dipped below $1,200 an ounce on improving US economic data strengthening the case for the Federal Reserve to reduce stimulus.

Gold in overseas markets, which normally set price trend on the domestic front, dropped $24.40 to $1,200.80 an ounce and silver by 0.05 per cent to $18.51 an ounce.

They said investors shifting their funds to surging stock prices further influenced the market sentiment.

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Image: A customer tries on a gold necklace inside a jewellery showroom in Hyderabad.
Photographs: Krishnendu Halder/Reuters

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Gold hits 23-month low @ Rs 25,650!

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In the national capital, gold of 99.9 and 99.5 per cent purity registered a hefty fall of Rs 1,150 each to Rs 25,650 and Rs 25,450 per 10 grams, respectively.

Sovereigns declined by Rs 200 to Rs 23,800 per piece of eight grams.

In line with a gold trend, silver ready dropped by Rs 1,490 to Rs 39,010 per kg while weekly-based delivery rose by Rs 130 to Rs 39,700 per kg.

Silver coins also nosedived by Rs 2,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.


Image: A saleswoman displays a gold necklace at a jewellery showroom in Kolkata.
Photographs: Rupak De Chowdhuri/Reuters
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